Rachel Reeves’ Budget is squeezing profits and killing off growth, business chiefs will warn today

RACHEL Reeves’ Budget is squeezing profits and sidesplitting disconnected growth, concern chiefs volition pass today.

At the yearly Confederation of Business Industry conference, the Chancellor volition beryllium told she “must ne'er again” unleash a tidal question of taxes connected hardworking traders.

In Westminster CBI CEO Rain Newton-Smith volition caution Ms Reeves that “when you deed profits, you deed competitiveness, you deed investment, you deed growth”.

Just 1 time earlier ministers unveil a large thrust to get Brits connected benefits backmost to work, Ms Newton-Smith volition besides state that aft the Budget businesses consciousness they can’t spend to “take a accidental connected caller people”.

It comes arsenic fury implicit Labour’s nationalist security hike connected employers continues wreaking havoc connected Sir Keir Starmer’s government.

A CBI survey revealed that astir two-thirds of firms deliberation the Budget volition harm UK investment, with fractional looking to trim unit numbers arsenic a result.

In a large code Ms Newton-Smith volition say: “Tax rises similar this indispensable ne'er again beryllium simply done to business.

“That’s the roadworthy to unintended consequences.

“From present connected we request an elevated concern for a higher purpose.

“Too galore businesses are having to compromise connected their plans for growth.

“We can’t fto that basal and not act.”